HOVENSA: Economic Boost and Environmental Disaster Essay -- Environmen

By far the largest private employer in the Virgin Islands, HOVENSA has decided to cease operations, scorn the ongoing economic crisis plaguing the territory which desperately relies on the refinerys vital tax revenues. Nevertheless, the company cites its present fiscal woes as the primary reason asshole such a brash decision. In so far as, fluctuating oil prices brought on by various world events, in concert with early(a) minor details including the manner in which the plant is run and the amount of expenditures incurred, have caused the oil giant to generate about $1.3 billion dollars in losses. What seems nonpareil are the events is the surrounding environmental issues which have plagued the plant during 2010 and 2011, which caused the Environmental Protection Agency to sanction the company with a $700 million dollar mandate. Such well-grounded action taken was the result of a series of mis-steps with the refinerys engineering/environmental protection practices, resulting in one of the worst environmental disasters to hit the territory. HOVENSA came about as a new joint venture in the region between parent company, Hess Oil, and state owned oil company, Venezuela National Oil Company. commencement in 1966 however, we notice that the precursor to HOVENSA, Hess Oil Virgin Islands Corporation, was seen as more of an economic miracle rather than a disaster in the making. Years subsequent to 1966 witnessed a continued expansion of the oil refinery petroleum producing capacity, essentially elevating it from what was known as humble operation to what would be considered to be a monolithic organization. Whether that included the refineries increase capacity from 45,000 barrels a day to well over 500,000 barrels a day, or the companys innovative te... ...vironment is once again held paramount. working Cited1)Blackburn, Joy. 2011. EPA launches HOVENSA air quality study. Virgin Islands Daily News, The (St. Thomas), February 16.2)Nations Second Largest Refinery to Pay More Than $5.3 Million Penalty for Clean Air Act Violations. Allvoices. Web. 02 Mar. 2012. .3)Government De Jongh Seeks Federal care in Aftermath of HOVENSAClosure. Governor John P. DeJongh. Web. 02 Mar. 2012. .4)HOVENSASt. Croix, U.S. Virgin Islands. EPA. Environmental Protection Agency. Web. 02 Mar. 2012. .